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Polished.com sinks as loan dispute with Bank of America threatens bankruptcy By Investing.com

American Billionaire Expects to Invest in US Banking Sector

© Reuters. Polished.com (POL) sinks as loan dispute with Bank of America threatens bankruptcy

Shares of Polished.com (POL) are trading sharply lower in the after-hours on Monday, down over 30%, after the company disclosed a “Notice of Acceleration” from Bank of America, regarding one of its credit agreements.

In the notice, Bank of America demanded immediate repayment of all principal and accrued interest, as well as of any fees, costs, charges.

As of February 12, 2024, the company’s outstanding principal balance under the Credit Agreement was $91,250,000.

POL said it is seeking to reach a resolution with Bank of America and the other lenders, but is unsure it can do so in a timely manner.

Polished.com also warned that inability to resolve the issues, would have a material adverse effect on the Company’s liquidity and financial condition, and may lead the company to become bankrupt or insolvent.

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